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    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
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    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
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    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
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    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
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    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
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    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
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    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
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    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.

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      Senior cardinal urges conclave voters to pick a pope who seeks unity ahead of secret voting ritual - (A)

      May 7, 2025

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      Vatican City, May 7 (AP) With all the pomp, drama and solemnity that the Catholic Church can muster, 133 cardinals on Wednesday began centuries-old rituals to elect a successor to Pope Francis, celebrating a morning Mass before opening the most geographically diverse conclave in the faith's 2,000-year history.

      The dean of the College of Cardinals, Cardinal Giovanni Battista Re, presided over the service, urging the voters to set aside all personal interests and find a pope who prizes unity. The world today needs a leader who can awaken consciences, he said.

      From the altar of St Peter's Basilica, Re prayed that the cardinals can agree “on the pope that our time needs,” as he offered a final set of marching orders before they enter the Sistine Chapel later Wednesday to begin the secret voting.

      Hailing from 70 countries, the cardinals are being sequestered from the outside world, their cellphones surrendered and airwaves around the Vatican jammed to prevent all communications until they find a new leader for the 1.4 billion-member church.

      Francis named 108 of the 133 "princes of the church," choosing many pastors in his image from far-flung countries like Mongolia, Sweden and Tonga that had never had a cardinal before.

      His decision to surpass the usual limit of 120 cardinal electors and include younger ones from the "global south" — often marginalized countries with lower economic clout — has injected an unusual degree of uncertainty in a process that is always full of mystery and suspense, with smoke signals telling the world if a pope has been elected or not.

      Many cardinals hadn't met one another until last week and lamented they needed more time to get to know each another, raising questions about how long it might take for one man to secure the two-thirds majority, or 89 ballots, necessary to become the 267th pope.

      "Wait and see, a little patience, wait and see," said Cardinal Mario Zenari, the Vatican's ambassador to Syria.

      A final Mass, then All out The cardinals began the day by participating in the Mass in St. Peter's Basilica, attended by Vatican officials and the public as pilgrims outside braved brief rain showers to watch the proceedings on giant TV screens. The 91-year-old dean of the college, Re, prayed for cardinals to find the wisdom, counsel and understanding to elect a worthy new shepherd.

      Wearing bright red vestments, the cardinals processed down the central aisle of the basilica as the Sistine Chapel's boys' choir sang. They took up their seats around the main altar, which lies above the traditional burial place of St. Peter, considered to be the first pope.

      Re had presided at Francis' funeral, delivering a heartfelt sermon on the reforming 12-year papacy overseen by Francis, history's first Latin American pope.

      At 4:30 p.m. (1430 GMT; 10:30 a.m. EDT) the cardinals will walk solemnly into the Sistine Chapel, chanting the meditative “Litany of the Saints” and the Latin hymn "Veni Creator," imploring the saints and the Holy Spirit to help them pick a pope.

      Once there, they pledge to maintain secrecy about what is about to transpire and to not allow any interference from outsiders to influence their voting.

      Standing before Michelangelo's vision of heaven and hell in 'The Last Judgment," each cardinal places his hand on the Gospel and swears to carry out that duty.

      The awesomeness of the chapel's frescoes, and Michelangelo's in particular, is meant to remind the cardinals of the weighty responsibility they bear. In his regulations for the conclave, St. John Paul II wrote that in the Sistine Chapel, “everything is conducive to an awareness of the presence of God.” After the cardinals take their oaths, a senior cardinal delivers a meditation. The master of papal liturgical ceremonies, Archbishop Diego Ravelli, calls out "Extra omnes," Latin for "all out." Anyone not eligible to vote then leaves and the chapel doors close, allowing the work to begin.

      The cardinals don't have to take a first vote on Wednesday, but they are expected to. Assuming no winner is found, the Vatican said black smoke could be expected out of the Sistine Chapel chimney at around 7 p.m.

      The cardinals retire for the night and return Thursday morning. They can hold up to two ballots in the morning and two in the afternoon until a winner is found.

      While cardinals this week said they expected a short conclave, it will likely take at least a few rounds of voting. For much of the past century, it has taken between three and 14 ballots to find a pope. John Paul I — the pope who reigned for 33 days in 1978 — was elected on the fourth ballot. His successor, John Paul II, needed eight. Francis was elected on the fifth in 2013.

      Lobbying before the conclave While the cardinals are supposed to resist any "secular" influences in their choice, such lobbying abounded in Rome in the days before the conclave as various groups reminded cardinals of what ordinary Catholics want in a leader.

      Young Catholics penned an open letter reminding cardinals that there is no church without young people, women and the laity. Conservative Catholic media slipped cardinals copies of a glossy book containing their assessments of contenders. Survivors of clergy sexual abuse warned cardinals that they would be held accountable if they failed to find a leader who will crack down on decades of abuse and cover-up.

      Advocates for women's ordination were sending pink smoke signals over the Vatican to demand that women be allowed to be priests and participate in a conclave.

      Even the White House got involved, posting a photo of President Donald Trump dressed as a pope. Trump said it was a joke, but the gesture was denounced by former Italian Premier Romano Prodi as “indecent” political interference in matters of faith that harked back to times when secular rulers habitually wielded religion to stay in power.

      Lisette Herrera, a 54-year-old tourist from the Dominican Republic, was deeply moved to find herself by chance in Rome as the conclave began. She decided Wednesday morning to skip the Spanish Steps and Trevi Fountain and pray instead in St. Peter's Square.

      "I'm praying to the Holy Spirit for a young pope who would stay with us for a long time," she said. "I don't believe in conclave politics, I just feel that the Holy Spirit is here and that's all we need to know." Armando Statti, a pilgrim from Crotone, Italy, said he expected cardinals would settle on a pope in the image of Francis or John Paul II.

      "We hope he will be announced as soon as possible, for the sake of the whole world and for peace, and that he will embrace everyone," he said.

      Challenges facing a new pope Many challenges face the new pope and weigh on the cardinals — above all whether to continue and consolidate Francis' progressive legacy on promoting women, LGBTQ+ acceptance, the environment and migrants, or roll it back to try to unify a church that became more polarized during his pontificate. The clergy sex abuse scandal hung over the pre-conclave talks.

      Since Francis chose 80% of the voters, continuity is likely, but the form it might take is uncertain and identifying front-runners has been a challenge.

      But some names keep appearing on lists of “papabile,” or cardinals having the qualities to be pope.

      — Cardinal Pietro Parolin, 70, an Italian who was Francis' secretary of state and the Vatican No. 2, is a leading contender.

      — Filipino Cardinal Luis Tagle, 67, is a top candidate to be history's first Asian pope. He had a similarly high-profile job, heading the Vatican's evangelization office responsible for the Catholic Church in much of the developing world.

      — Hungarian Cardinal Peter Erdo, 72, the archbishop of Budapest, is a leading candidate representing the more conservative wing of the church. (AP) SSC SSC

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